Understatement of Inter-Agency Payables
Department of Public Works and Highways · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceInter-agency payables are understated by about 3.97 billion pesos because liquidations for incomplete projects were incorrectly recognized.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The reported balance of the Inter-Agency Payables accounts is understated by P3,968,672,689.38 due to erroneous recognition of liquidations for ongoing or incomplete projects."